How to Find and Buy a Foreclosed Home
Вставка
- Опубліковано 14 чер 2024
- Are you looking to buy a foreclosure?
Foreclosed properties can be one of the best ways to get a cheap property, but understanding this murky world can be difficult. In this video from BiggerPockets, Brandon Turner (author of "The Book on Rental Property Investing") shares the three different things people mean when they say "Foreclosure" and also offers four tips for finding great foreclosure deals!
Learn real estate investing: www.BiggerPockets.com/
I bought a foreclosure and lived in it while I fixed it up. It's now worth double what I paid for it (a little of that is due to the current market) I'm getting ready to sell it, downsize and still have a profit to invest. I still work a 9to5 but I want to do real estate full-time one day. I'm not saying all this to brag or anything. Just wanted to put it out there for people who could benefit from the idea.
Did you get a loan on it?
@@Alpha_apex I did. It was an FHA loan. You'll need a 620 credit score and like at least 3% or 4% down payment to qualify (I think... check me on that). I've sold my house since that comment!
@@villiam7795 nice congrats man. Many more blessings you're way.
@@Alpha_apex are you interested
@@villiam7795 congratulations boss! Love seeing people win! Happy for you
"Just because it's a foreclosure, doesn't mean it's a good deal." I love the straight forward and truthful approach they have.
True but if I went to a home auction and was able to buy a home for 5-10k cash, even if the home needed to be fixed up, I bet I could sell it and still make a profit...or fix it up snd rent it out :)
Wow, you’re giving out information people go to seminars for, for free. Thank you very much sir
My second rental was a foreclosure. It was on the mls. It was easy for me to find it (it’s right next door). Being able to chose your neighbors is one of the greatest feelings ever.
so u didnt have to pay any liens or anything or is that a myth?
Tommy Hammernots
That happened once. They turn the main off and texted me the next day. Great tenants
@Tommy Hammernots the point to choosing your neighbors is being selective.
Does it have to be cash or it can be on a Morgage?
@@mizoelhesny6974
It can be a mortgage. You just have to pay 20% down.
Bought my house in 2011 for 23k from the bank. It's now appraised at 95k
In the process of getting a Heloc to purchase foreclosures right now.
You can do it too 👍👍
Take the necessary risks. Reap the rewards. Were only on this 🌎 a short amount of time. Work smarter not harder. Live your life to the fullest.
Where did you find the info that the bank was selling?
After all this time it took a down-to-earth guy like yourself to explain it all in very good detail. Thank you for this insight
RIGHT !!!!! TOOK THE WORDS RIGHT OUT OF MY MOUTH!
Video is solid gold. Wish I could like this video 100 times. Thank you for sharing valuable information and making the process clear. Many youtuber's just share bits and pieces and like to listen to the sound of their own voice without getting to the point. I feel like I actually learned a lot watching this video.
No worries, it has 58K+ likes now haha
This man will make me a millionaire , thank you
This is my first video that I’ve watched to the finish on Real Estate 🏡.... and you’ve taught so much ... I feel like an agent already !
5:00 till he gets to the point sort of
Vollick thank you
Ty
Thanks 😁
Thanks.
Thank you
Awesome information! Thank you Brandon Turner and bigger pockets. You guys are always working hard to help people secure their future and you are definitely making a difference for my family as well! Thank you!!
After you buy the foreclosure and they record the deed . Take a copy to every government agency you can think of . Especially the tax collectors office and make sure they now have your mailing address . If not all your important government paperwork like property tax bill will go to the bank that used to own it and that bank will not send it to you !
New subscriber. Just wanted you’re express how excited I am to come across this channel and podcast. I have a lot to learn. This seems like a reliable source. Thanks for the uploads
I have a new buyer and I’m a Real Estate agent. My buyer just asked about a foreclosure and I told him the truth I do not know anything about a foreclosure. I went on UA-cam and found this and this have been so helpful! Thanks Brandon! I still need help but I think I will search the address and look into the MLS!
I swear in all the youtube channels this guy is the only one that give you the truth and how to actually do shiets
This happened to the property that my mom was renting. The landlord went into foreclosure. The new owner was an investment company. They contacted her and asked if she would like to remain in the property as a tenant. She ended up working out a deal and stayed in her rental. Granted her rent went up a tad bit. She was very thankful that they were willing to work worth her and not kick her out just because of change of ownership.
Sparrow Lane Jewely Etsy that’s how it should be!
Tenant turnover costs money. If she was a good tenant, kept current on her rent and took reasonable care of the place, I'd have given her the option to stay, too.
Sparrow Lane Jewelry -Laurie :-)
Boo boo boo
Boo0
I really like all details and optimistic mood he delivers so much valuable info! Thank you a lot!!!
I’m really trying to learn more about this & look into possibly buying a home in foreclosure one day. Honestly with the price for just the basic houses, I think it’ll be the only way I can afford to buy.
A truly informative video. Thank you for the excellent explanation.
your videos are always so engaging and informative please keep them coming . do a deep dive into wholesaling. thanks
Very informal video. So glad I found this first! Thanks man!
Great content as usual, I loved this as I am about to invest in uk property with 70k deposit (plus fees and more savings for furnishing and decorating) to buy my own place, but I am also treating it as my fourth investment, having two spare rooms for lodgers to cover this property mortgage and tax costs... and to build my equity whilst working my day job for my next investment.
Hello, I am in London and am considering investing in real estate as a way to get some passive income. A few years ago, my brother purchased a home in a county outside of London. Because he was unable to find tenants, the property was eventually repossessed. As a result of this experience, I'm concentrating on purchasing real estate in London, where it's quite challenging to obtain a mortgage because of the high cost of the properties. Would you kindly recommend an easy way, where one may try to sustain these cost on mortgage?
Houses are so expensive in the uk now. How would anyone pay off 400k plus, unless they want to commit to a ball and chain lifelong mortgage? Am I missing something? Seems like even if you had two professionals there that would take decades to pay off…?
First, Jessica you need to have a salary of at least 25k before you will be considered for a mortgage, that you need for properties. If you want to achieve a 75 percent yield yearly, try looking out for an investing advisory or else you will be competing against professionals themselves.
That's an intentional way to live Debbie, that's the only way to become debt free. I've already paid off two previous mortgages. Now I'm working on my third and I cannot wait since it has to happen before retirement in four years and I'm already getting there the proficient way, Luckily for me my trader and coach Frost Hilda has been using every opportunity to ensure I benefit from each turn the market takes.
Good luck staying debt free as much as possible in the future.
Absolutely Zachary, contract agreement splits are favorable, I’m also exceptionally well positioned as I’m privy, so that’s a good return deal for any investors creating revenue for more interest.
Thanks Brandon Spielberg!
2:55 -- Actually, fun fact: You can. There may be a minimum bid, though; The minimum for my father who bid on a lot next to my house was $50.
I saw one for $100 on the county foreclosure site
Great video! New to the process and I appreciate it!
Beardy B. This 10 minute information video is an awesome format! Thank you 👍
my friend bought a foreclosure in the bay area for 400k. that is a very good deal because houses in the bay area are all 2 million dollars.
In the final steps of buying a REO property this was a informative presentation loved it
This was awesome, you’re great at explaining this! I’m going to subscribe 😀
Mr.turner really nice explanations... we thank you for sharing
Totally great job, Brannon; thanks so much!
I subscribed after a week . great job . I learned so much .
LOVE YOU GUYS DEDICATION TO HELP!!!
Thanks!! This was so helpful!!
Excellent video! Thank you so much!
GREAT VIDEO! With Gratitude for your Invaluable information. Thank You.
I love you. Thank you for sharing this wisdom.
straight to the point great info
Beard is looking Great. Thanks for all of your work on bigger pockets.
I appreciate the discount code given at timestamp 7:20 and the analysis calculator at 8:48
Thanks for the info, great video.
I appreciate this channel truly
So many gems in this video, thank you for sharing such valuable information.
anybody who has already looked into how it works should know all this, he didn't even explain when it is a good deal or not, and how to properly analyze it's worth depending on the current market in the area, but ok
Excellent presentation. Thanks
2:58 Great video. The starting bid is not always what the owner owed on the property. Most of the time the opening bid that is just determined mostly randomly by the lien holder. The lien holder will have a proxy bid amount that is unknown to everyone except for the person conducting the auction, usually the trustee, who will then outbid any bids lower than that proxibid by just a few dollars. Very similar to eBay.
Awesome information❤️❤️Thank you so much❤️
Im trying to wrap my head around this so basically the final judgement is the minimum a foreclosed property on the auction will go for ??
Yay im happy to have been able to see ya video tonight. Thanks
As always, very informative video!
Good info , I picked up a few things here and I've been in real estate over 20 years.
Awesome content!!! Thank you!!!
Great book by the way. Really well written.
Very organized and informative.
My good friend recently bought a forclosed home for $170k and it was appraised at $275k. It still needed repairs but just goes to show it's still possible to get good deals.
People usually inflate their real estate deals.
Will Tirad you call that a good deal?? You fucking got hustled.
@@goldwolf0606 don't be dumb dude
Graphene I’m just being honest.
You just gotta find a buyer. Should I wait til the market crashes and then buy someone's foreclosed property?
love this! thank you :)
Thanks so much for this info. I am very interested in purchasing a home and I am looking to go this route. Thanks so much
I love your book lots of knowledge in just one book. Almost finished :)
Kevin Simas yeah I just got the book. I can’t wait to start it !!
What's the name of the book please
Very informative and helpful thanks
This video was so insightful
Excellent video. Simply explained. Very helpful for understanding
Great info. Thank you!!
The most helpful video on this
Thanks for the information is very valuable.
Thanks, great video! Will you PLEASE, tell me who did the music at the end of it? That’s a seriously sick beat!
Hey Bro love what you doing. I am thinking to invest in real estate as a beginner, can you say what is the best time to invest and where do you recommend(cities/states). Thanks!
Great video! We do foreclose property management and often see a lot of great deals on foreclosures. Not always in the best of shape though... lol
Awesome information!!! Thanks
Very educational video. Thanks
You are very good how to explain very good detail thank you
tyvm for the advice,i need it
Can’t wait to buy my first property
Great video! Thank you
Awesome!! Thank you!!!
Brandon always has great videos. 😎
Thanks so much!!!
Very valuable video… Love Bigger Pockets …
holy moly thanks for the great head start
Great info Brandon! I'm an REO agent in North Jersey and many times I have to explain how the foreclosures work, now I can just sent them this video! Like you said, the foreclosures aren't always good deals. In today's market, the bank wants full market value and in some cases they are doing repairs & renovations to maximize that value.
Hey Kevin, I'm a new investor how do I find pre-foreclosures. WE CAN PAY CASH we are an investors group?
WOW..Lazy !!!!!!!!!!!1
c rorie I'm a lisenced contractor here in Toms River NJ. please contact me if there is anything you need done. 973 438 0839
Hello Kevin, I'm a lisenced contractor here in Toms River.
I specialize in REO properties.
Please let me know if there's anything we can do together.
Kevin Hill, I'm a new agent (also getting into the investment side) In somerset county and I stumbled across the homepath website, I couldn't believe how many properties had work done to them by the banks, it's crazy.
After Watching this I got to step up my game!
Throw my 2 cents in if I may. I have purchased 3 trustee phase homes, and 1 HUD Property. Our trustee auctions in ohio, start at 2/3 the appraised home value. The bank that hold the mortgage is there, and will bid against you until your bid is higher than the amount owed on the house. The great deals are at this phase. That being said, I paid $1,000 less than the bank funded the property for with my HUD house.
Lastly, You absolutely can get a home loan on the houses in any phase. I do not have cash. You need 20% down, but that is it. The buyout process will go far easier for you if your credit is good enough for a conventional loan. If you have to get an FHA loan, you can but you will have to jump through a lot of hoops. My first foreclosure was FHA.
A bank rep can bid on a house that his bank already owns? Sounds like a conflict of interest to me. If his bid winds up being the highest because neither you nor nobody else will overpay for the joint, what then?
@@wannawatchu66 A REO/ Bank owned and Sheriff Sales are very similar. REO sale is a foreclosed house that has been vacated and put on the market. Sheriff Sale is foreclosed via a court order and becomes the property of the state. These properties then go to auction and anyone can buy them.The bank would have an interest in $100,000 house that has a foreclosed amount of $80,000. In a Sheriff Sale the opening bid is always 2/3 of the appraised value. Your $100,000 house is going to open at $66,000. All of that $66,000 goes to pay back the foreclosed amount, so the bank loses money. The bank is at the auction to run that house up to $80,000 to suffice the previous mortgage, and is prepared to buy it and sell it themselves, to take a smaller loss. Where a buyer can be a big winner, is that $100,000 house an elderly couple took out a $20,000 refinance to build a kitchen, they have an accident and go into a nursing home, stop paying on that mortgage. Their $100,000 house starts at $66,000, $20,000 is all that is owed on it so the bank does not really care what happens to it. I buy a $100,000 house for $66,000, clean it up, clean it out, put it on the market for $90,000. I make money, and the buyer has instant equity.
@@redman3583 put it on the market for $1000,00 and settle for 90
@@wannawatchu66 a yrr
Red Man a
Great video, I have bought several foreclosures. Realtors are of little help finding them, chances are they are looking too. Be vigilant and check the reality sites daily, run your comps quick and go after it especially in this housing market. Good deals in our area don't stay more than a day or two before getting a contract on them. Be wise and be smart, DON'T OVERSPEND. Have fun.
Hello. In what websites do you look for foreclosures?
@THEANSWER Maybe computers
Thank you for this info
i love your videos..it is valuable no doubt
my first BRRRR was a foreclosure! this is a great video. so much better than buying something off the MLS right now.
So many things to consider when buying a property. Even little things like where the gas line runs all the way down to property lines, and current additions to the home like trees and even landscape not many people pay attention to this though. They see a home and are like wow I want it 🤦♂️
Good explanation! Thx.
Great information, thanks for sharing!
Thk
Great info man
I have bought remodeled and sold for a profit 4 homes. I paid probably market or a little above for each. No I’m hoping to make the jump to doing it as a second form of income. Thank you for the information seems invaluable.
Thank you for this super informative explanation and walk-through. We are looking at purchasing a foreclosure home for the first time.
Good info thank you
This was a great basic video, I loved it.
Check with your local realtor many have a listing of foreclosed homes. We bought our property for less than the bank paid for it when the market dipped during the Great Recession. Fast forward: ....Five years later it has gone up $135,000 in value. We found our "forever" home, and we hope to keep it in the family for generations and generations. It is my dream home made of stone on a corner lot, my dream home since I was a small child.
Thanks for sharing your wisdom
Thanks For Your Comment
Hit me up directly☝☝...
Bigger pockets 💪🏽💪🏽 you have a great communication style
theyve had practice
Great insight.
this was really good information!
I bought your book, and i am reading it
So much information that it's kind of overwhelming, but I like it. Why? It makes me think.
Excelente Vídeo and and the guy is not selfish given for free all this info MGBThanks a lot
Bigger pockets podcast!!!!!!!! Wooooooo equity !!!!! Wooooo
Great video!
Love your channel